三角轮胎2025年中报简析：净利润同比下降35.31%，公司应收账款体量较大

Core Viewpoint - Triangle Tire (601163) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 4.778 billion yuan, a decrease of 4.5% year-on-year [1] - Net profit attributable to shareholders was 396 million yuan, down 35.31% year-on-year [1] - In Q2 2025, total revenue was 2.534 billion yuan, a decline of 3.22% year-on-year, while net profit was 230 million yuan, down 27.71% year-on-year [1] - Gross margin was 16.03%, a decrease of 18.28% year-on-year, and net margin was 8.29%, down 32.26% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 290 million yuan, accounting for 6.06% of revenue, an increase of 7.09% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 13.91% to 1.186 billion yuan, representing 107.56% of the latest annual net profit [1] - Cash and cash equivalents decreased by 7.97% to 2.308 billion yuan [1] - Interest-bearing debt decreased by 6.54% to 1.218 billion yuan [1] - Net asset value per share increased by 3.64% to 16.78 yuan [1] Cash Flow and Investment Activities - Net cash flow from investing activities decreased by 129.76%, impacted by increased net expenditure on time deposits and reduced investment income [4] - Net cash flow from financing activities decreased by 778.94%, primarily due to reduced borrowings [4] Other Financial Metrics - The company's return on invested capital (ROIC) was 7.27%, indicating average capital returns [4] - The historical median ROIC since the company went public is 9.97%, with the worst year being 2018 at 4.49% [4] - Analysts expect the company's performance in 2025 to reach 1.043 billion yuan, with an average earnings per share of 1.3 yuan [5] Fund Holdings - The largest fund holding Triangle Tire is the Zhongyin Xinhua Zhongcheng Hongli Value Index Fund A, which holds 100,800 shares [6]